Lead management is the process of qualifying, analyzing, and nurturing incoming leads to convert them into a business opportunity. A lead management system typically involves the creation or capturing of leads from multiple channels. Such a system allows you to make the most of the prospects who might be really interested in the services or products you are offering.
Poor lead management can lead to loss of productivity since there is no process that exists to qualify or rank the leads in order to importance.
Without a lead management system, it can be difficult to track the activities of prospective leads on the website, or email which can lead to the loss of potential buyers.
A CRM is filled with several duplicate lead entries. This can waste the time of your team and even result in the slipping of the leads.
It also leads to lower conversions as the sales and marketing teams are bound to send delayed query responses and miss follow-ups.
Lack of information about the requirements of the potential leads/customers can cause liability to send emails on time. This can devoid you of lasting relationships.
The first step to lead management is the lead generation process. It is true for both inbound and outbound sales activities. The outbound lead generation involves putting together a list of potential leads along with their contact information. For inbound marketing and sales teams, this first stage is about encouraging leads to reach out. It includes using a strong call-to-action on websites, emails, social media, and other channels. A lead management software works by identifying and capturing these leads automatically, cutting down on the manual data entry process which often leads to lead leakage.
Once the leads are captured, a lead management software tracks & evaluates the captured leads and figures out which one’s the most beneficial or shows high conversion potential. A lead software automatically captures the lead’s profile information, such as company, job title, and contact details. The insights through these reports promote the personalization of the sales efforts and help your sales & marketing teams in crafting better campaigns.
Lead nurturing is among the most important components of lead management. In this stage, the lead has either converted or stuck in indecisive mode. Well, in both cases, the leads are nurtured and engaged. This is usually done using targeted emails about any new offers, product launches, new features, etc. The nurtured leads are then moved to stage 2 of qualification and tracking, leading to higher sales.
A strong lead asks for the attention of the sales team. Traditionally, this step was handled manually. But lead management software can automate this step through simple automation & let you assign and distribute the leads among your team. The team receives a complete lead profile so that they can get a better understanding of the lead and have an effective conversation with them.
Once the captured leads are converted into sales-qualified leads, the next step is to create the opportunity. It is a critical sales step and a crucial part of the lead management process. The majority of lead management software provides effective tracking and management of these opportunities. When combined with a CRM platform, it can help in driving the opportunity development and management in a dynamic and distributed manner.
For this step, start by carefully monitoring your current customers’ data. It will tell you about which leads are hardest to convert, which leads are converting more often, and the characteristics they all have in common. With the help of data, you can enrich their profile and make strategies to engage them.
A great plan is usually followed by great results. To effectively convert a lead, you require data from leads and the sales funnel. You can expect success by studying your target audience closely and building campaigns that effectively lead them through the sale funnel. Using proper care and a well-crafted email lead nurturing campaign, you can drive conversions.
No two leads are the same. So, don’t treat them as one. While creating campaigns, combine the lead automation approach with emails, and other ways to manage your leads. By doing lead segmentation, you can come up with incentives or offers that are relevant to the leads. So, even if you are advertising the same thing to all potential leads, make sure you gather all the information about your leads to group them together. That can help you cater to their needs.
For successful lead management, there needs to be clear communication between the teams involved. You need to ensure that the communication between the teams is clear and precise while reaching out or following up with the leads. A lead management system helps these teams get context and access to the pipeline, leading to better communication.
With an effective lead management system, you can overcome the struggle of keeping tabs on your leads and prevent losing any quality leads. The software makes lead tracking easy, making it a valuable asset to a business. It allows you to closely track your leads so that you can optimize the experience for leads closer to conversion. That way you can make better use of your time and money.
The system automates the lead capturing process from different sources that may include social media campaigns, web forms, or emails. A lead management software even allows you to contact the leads through calls or chats, making it easy to process quality leads. Once the system tracks and captures leads, it can automatically assign the leads among the team, based on your lead-routing command.
Automation processes of any kind can save time. So, a system offering lead automation gives you the ability to program the automation of routine tasks. That leaves you with plenty of time to pursue the leads and work towards the conversion process, thus leading to higher productivity.
One of the crucial parts of running an online business is knowing what is driving your leads. With an effective lead tracking and management system, you can understand the lifecycle and activity timeline of your leads at different stages. This real-time information provided by the CRM allows the sales team to communicate seamlessly with the leads across channels.
An effective lead management solution allows you to keep an eye on quality leads with its advanced tracking capabilities. It helps you follow the customer journey and get an insight into their decision- making process. This can help you in converting the leads as well as creating a roadmap to provide a better customer experience in the future.
With the help of lead management software, it becomes easy to nurture leads that are most like to convert into loyal customers. These leads can be nurtured through methods like email marketing and may give you better business than the leads that aren’t nurtured.
Here are some of the main stages in the lead management process: